SOURCE: Far East Wind Power Corp.

Far East Wind Power Corp.

March 29, 2010 09:51 ET

Far East Wind Power Announces LOI to Acquire 700MW Wind Farm Development Rights in China

PHOENIX, AZ--(Marketwire - March 29, 2010) -  Far East Wind Power Corp. (OTCBB: FEWP) ("Far East" or the "Company") is pleased to announce it has entered into a Letter of Intent ("LOI") with Wuhan Guoce Nordic New Energy Co. Ltd. of Wuhan, China ("Guoce") to acquire certain rights to a number of development stage wind farm projects located in Jilin Province and the Inner Mongolia Autonomous Region ("Inner Mongolia").

The proposed projects will be acquired from Guoce for cash and other considerations subject to agreed-upon financing. Guoce is a manufacturer of wind turbines and has been assembling a 700 megawatt ("MW") portfolio of project locations and working with local, regional and national agencies as well as regional grid operators to acquire requisite permits and approvals necessary for development efforts to proceed at those locations. As further consideration for the project rights, the Company has agreed to exclusively use wind turbines manufactured by Guoce should the projects proceed and to position Guoce as a strategic partner on these efforts.

The most advanced-stage project of the portfolio is known as the TianHe 1 Project and is a proposed 50MW development with all approvals in place and a site ready for construction commencing in April. This Inner Mongolia location has been determined to be a robust wind resource offering favorable conditions for annualized wind power generation. The TianHe Phase 2 project is planned for an additional 50MW later this year subject to permitting and approvals which will be undertaken by Far East.

Additional projects as part of the Guoce portfolio include a number of locations in Jilin Province. They include a proposed 100MW development site at the Min Ying Development Zone, and a planned 500MW program dispersed across the proposed Taonan Project Phases 1-5. All sites have been identified by various government agencies as recognized wind resource development locations and, subject to approval, are in various authorization stages which could offer short lead times to development.

Far East's mission is to develop wind farms with the highest rates of return on investment in the industry by working with strategic partners to develop or acquire innovative solutions to drive cost out of the turbine manufacturing process, as well as aggressively attempting to achieve a low cost of capital. The Company's goal is to achieve the lowest cost per capacity from the resulting wind farms.

Details of the company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD

Far East Wind Power Corp.

Marcus Laun, Director

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